TNPSC Thervupettagam

50 Years of Bank Nationalization

July 26 , 2019 2083 days 1292 0
  • India celebrated the 50 years of bank nationalization on July 19, 1969.
  • The then Prime Minister Indira Gandhi initiated nationalization of 14 major lenders that accounted for 85 per cent of bank deposits in the country.
  • The banks were acquired under Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 which later became a bill.
  • Six more banks were later nationalised in 1980.
  • The core objective for nationalisation was to energise priority sectors at a time when the large businesses dominated credit profiles.
  • SBI is the largest lender in India.

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